Investor Presentaiton

2022 state budget to resume gradual fiscal consolidation FY 2021 (Act.) FY 2022 (Law) Key indicators of 2022 State budget: Total revenues: UAH 1,324bn (+2%) Total expenditures: UAH 1,499bn (+1%) Budget deficit²: 2022 vs 2021 state budget revenues split¹ ■ VAT 2022 vs 2021 state budget expenditures split¹ 2022 state budget revenues: UAH 1,324bn 2022 state budget expenditures: UAH 1,499bn 12% FY 2021 (Act.) FY 2022 ■Social welfare 2% 13% (Law) 2% 22% 15% 14% 23% ■Security and defense ■Debt service 4% Personal income tax UAH 188.8bn / 3.5% of GDP in 2022 (per government's forecast 3% 21% UAH 1,297 bn 41% 5% 4% UAH 1,490 bn ■ Health 22% 44% Corporate income tax of UAH 5,369bn GDP in 2022) UAH 1,324 bn 8% 12% UAH 1,499 bn 20% Other tax revenues 21% 11% 11% 12% 11% 11% 11% 13% Non-tax revenues 12% Economic activity ■ Education Public administration Interbudgetary transfers ■ Other 2022 State Budget Law: general fund financing, UAHbn 11.2 2.5 72.4 321.0 5.6 19.3 14.6 4.4 0.2 USDbn³ 160.3 553.6 420.0 Notes 1 According to State Budget Law 2022 (as of December 2021) and Actual Annual State Budget 125.6 Execution 2021 2 Budget deficit defined as 8.0 revenues minus expenditures and minus net lending 3 Translated at the 2022 budgeted Domestic debt repayment External debt repayment State budget general Gross general fund fund deficit financing needs Domestic debt External debt Privatization proceeds avg 28.6 UAH per 1 USD BA February 2022 16

View entire presentation